CEO / Welcome
Raising the Bar
The end of financial year is one of the busiest times for brokers across the country. While brokers have been supporting clients and closing out another financial cycle, NIBA has been hard at work advocating for the profession. Looking towards our Representation pillar, since the last update, there has been a federal election. NIBA welcomes the appointment of Dr Daniel Mulino MP as the Assistant Treasurer and the Minister for Financial Services. We forward to engaging with Minister Mulino on policy priorities that are central to the insurance broking profession and the broader risk and financial services landscape. Throughout the month of July, NIBA shall be engaging with Minister Mulino as well as politicians from across the house to ensure a well-functioning, accessible and competitive insurance market, underpinned by professional advice, that delivers value for consumers and supports national resilience. Shifting focus from federal to state, NIBA has been actively engaged in the policy debate surrounding the NSW Government’s proposed reforms to the state’s workers’ compensation scheme. The Workers Compensation Legislation Amendment Bill 2025 proposes significant Changes, and following growing concern, the Legislative Council referred the Bill to the NSW Public Accountability and Works Committee for further scrutiny. As part of this latest inquiry, NIBA appeared before the Committee and called for reforms that strengthen the governance and oversight of the scheme. Moving towards the Professionalism pillar, NIBA is working on the next phase of the Insurance Broker Code of Practice Review, which is about analysing the feedback and insights received so far and crafting a response accordingly. The Code Review is an important opportunity to highlight how self-regulation delivers key benefits to consumers, the wider sector, and the profession at large. New informed consent obligations for general insurance brokers have come into effect from this month. These obligations represent a significant change for brokers who provide personal advice to retail clients. To ensure there is clarity across the sector around the scope and application of these changes, NIBA rolled out a series of webinars aimed at preparing brokers to meet their obligations with confidence. NIBA is also undertaking important qualitative and quantitative research around how the broking profession
will evolve over the coming decade. Thank you to our members from across the NIBA community who have had their say in framing a national conversation that will help strengthen the future of the profession. And finally, moving to the Community pillar. The 2025 NIBA Gala Lunch Series is underway, and with around 2,500 insurance professionals attending, this is a powerful demonstration of the NIBA community coming together to learn, celebrate, and shape change in the profession. For the first time, NIBA is proud to introduce a charitable initiative as part of the Gala Lunch Series, partnering with local charities in each state to make a meaningful impact beyond the profession. This is a unique opportunity to give back to the communities that support us. The Gala Lunches are also where we reveal the state winners of the 2025 CGU-partnered Broker of the Year and Vero-partnered Young Broker of the Year awards. In this issue, you can find out more about the esteemed cohort of finalists who are elevating the standards of the profession. I thank all the finalists for their dedication and commitment to their clients and the community and the award partners CGU and Vero for supporting NIBA’s award program that continues to unearth exceptional talent from within our profession.
RICHARD KLIPIN Chief Executive Officer, NIBA
6 / INSURANCE ADVISER JUNE/JULY 2025
Made with FlippingBook Digital Publishing Software